During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
EUR/USD Holding After ECB Decision
2021-07-23 • Updated
4H Chart
Daily Chart
EUR/USD managed to rise for a very short period of time right after the ECB decision to as high as 1.1798 before declining and giving away its entire gains. The ECB decided to keep the current policy unchanged as widely expected, but President Christine Lagarde stressed that the ECB has learned from the history and will not be tightening early, sending a clear message to the market that tapering discussions won’t happen any times soon. EUR/USD declined following these remarks but remained well above its 1.1760 which should be watched carefully as the technical indicators are still near the oversold area, suggesting another leg higher before the downside trend resumes. Therefore, I would risk some EUR/USD longs at the current levels at 1.1760 with a tight stop of 1.1720 with an initial target of 1.18 followed by 1.1830.
S3 |
S2 |
S1 |
Pivot |
R1 |
R2 |
R3 |
1.1640 |
1.1713 |
1.1742 |
1.1786 |
1.1815 |
1.1859 |
1.1932 |
Similar
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
Latest news
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...